Brian Armstrong, the top executive at the digital currency exchange
$1.45B
, has commented on the latest developments in US lawmaking concerning digital assets.
Following discussions with several government officials in the nation’s capital, he announced in a video posted on X that a proposed new law for the cryptocurrency sector has a credible chance of being enacted.
The piece of legislation in question, formally called the Digital Asset Market Clarity Act, is designed to clarify how various government bodies, like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), will regulate and supervise digital currencies.
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The proposed law places particular emphasis on digital assets not pegged to a stable value, an example being tokenized stocks.
Armstrong emphasized that having well-defined rules would safeguard individuals using crypto and encourage both businesses and software developers to conduct operations within the United States.
He argued that such a clear legal framework would prevent regulatory bodies from exceeding their authority, referencing past disagreements between the cryptocurrency industry and the SEC.
Armstrong also indicated that the current draft of the law is undergoing review and modifications by members of the US Congress. He added that it will soon be shared with key parties in the industry for feedback.
He suggests that politicians from both major parties are demonstrating a willingness to support the progress of the bill. He described the drive behind the law as substantial and difficult to halt.
In related news, Coinbase recently asked a federal court located in Washington, D.C., to penalize the SEC because some text messages from Gary Gensler were deleted. You can explore the details by clicking to see the complete story.